TRUSTS IN AMERICA.

New Zealand Mail, Issue 1424, 15 June 1899, Page 16

TRUSTS IN AMERICA.

GIGANTIC COMBINATIONS OF CAPITAL. (Per R.M.S. Moana, at Auckland.) SAN FRANCISCO. May 18. The Industrial Commission at present in session at Washington is taking tes-‘ timony in relation to the management of trusts. Mr James W. Lae, attorney for several pipe lines and oil companies, has given evidence regarding the methods of the Standard Oil Company in crushing out competition. Mr Lee suggests a law- making destructive “cover competition” a criminal offence. He thought the capital of corporations, except those of a public nature, should be limited to one million dollars. Each of the counties in Pennsylvania, he said, which had produced ten million, barrels of oil w-ere poorer for the output. If there had been competition in refining, the consumers would have fared as well, and producers would have been much better off. The Standard Oil Company had within a few years absorbed more than 100 rival companies. The organisation of trusts is still going on in the States to an alarmingextent. Texas lias been warned in time to pass a Bill on the lines already in effect in Arkansas, absolutely debarring any pool, from doing business in that commonwealth. At Trenton, New- Jersey. articles of incorporation have been filed for an American bicycle company, with an authorised capital of eighty millions. The company will take overmany great concerns of the country, and control many patents and fixtures. . It is authorised to manufacture and sell bicycles, automobiles and other motors. The Amalgamated Copper Company lias effected an organisation in Jersey City, with a capitalisation of seventy-five millions. Tlie charter allows the company to mine, smelt and' mill copper, and also silver and gold. The provisions are particularly elastic, and confer great privileges. Another new* combine is that of the hardware manufactures, which was effected in New- Jersey. Tbis includes all the principal manufacturers of builders 5, hardware, locks, etc. The aggregate value of the properties to be included is forty million dollars. New Jersey has also effected a corporation of the United States Milling Company, with a capital of twenty-five millions, with pow-er to manufacture and deal in grain and cereals of all sorts. The Republic Iron and Steel Company lias been organised in New York. Thirtysix distinct concerns have been absorbed, and negotiations are pending w-ith others. An advance in wages has been agreed upon, and an advance in prices is looked for. Among the oilier trusts organised are the Federal Sewer-pipe Company, w-ith a capital of twenty-five millions; the Manufacturers’ Rubber Company, the American Steel Ploop Company, the National Glass Company and Railw-ay Equipment Concern. The latter has a capital of at lc-ast twenty-two millions. The Pacific Biscuit Company, incorporated inNew Jersey, will do business in the West, and tho Refrigerator Car Trust, in combination w-ith the Southern Pacific Railw-ay, has made a schedule for the transportation of green fruits which has thwarted the hopes of Californian growers.